Withdrawing funds "tainted" by bonus?

Bobbo

Recruit
Messages
2
Hi! New to this forum, and new to forex trading. I hope I'm placing this thread in the right part of the forum.

I am trying to help a friend who has deposited money to a broker (of course without any form of due diligence...) and now wishes to withdraw that money.

However, that is declined, given reason is that all the money (deposited + bonus) now is locked from withdrawal until a certain number of lots have been traded.

Is this common practice? To me it sounds more like a online casino.

Ha anyone succeeded in withdrawing in a scenario like this?

Thanks,
 

FxMaster

Lt. Colonel
Messages
9,154
Hi! New to this forum, and new to forex trading. I hope I'm placing this thread in the right part of the forum.

I am trying to help a friend who has deposited money to a broker (of course without any form of due diligence...) and now wishes to withdraw that money.

However, that is declined, given reason is that all the money (deposited + bonus) now is locked from withdrawal until a certain number of lots have been traded.

Is this common practice? To me it sounds more like a online casino.

Ha anyone succeeded in withdrawing in a scenario like this?

Thanks,
If he has chosen the bonus then there are terms of bonus that you have to trade a certain amount to withdraw the funds.
 

Bobbo

Recruit
Messages
2
Thanks. Not sure if he did an active choice the get bonus, I think it was something that came along with the package so to speak. Their terms and conditions are pretty clear regarding the bonus, so nothing to do other than trade it I guess.
 

Aubrey Aubrey

Recruit
Messages
85
Basically different broker set different terms for withdrawing funds. Because of not only broker cheated but also there are many trader who cheat their trader. For funds withdrawing only few brokers in the market are flexible. Especially for withdrawing bonus there are many restriction in this business. To use the bonus amount that got from broker maximum time able only after investing in some particular size of lots. So, it is natural in forex business.
 

Ken Smith

Private
Messages
104
Hi! New to this forum, and new to forex trading. I hope I'm placing this thread in the right part of the forum.

I am trying to help a friend who has deposited money to a broker (of course without any form of due diligence...) and now wishes to withdraw that money.

However, that is declined, given reason is that all the money (deposited + bonus) now is locked from withdrawal until a certain number of lots have been traded.

Is this common practice? To me it sounds more like a online casino.

Ha anyone succeeded in withdrawing in a scenario like this?

Thanks,
It should be a be problem if you want to withdraw your deposited money. But for bonus you have to fullfil their criteria. First check their withdrawal rules and procedures. If you are not bound by rules, you can withdraw your money.
 

7Bulletin

Sergeant
Messages
126
It is necessary to read the agreement carefully, but as far as I know the bonuses usually require some work out, and until this is done the withdrawal is blocked.
 

walpants

Corporal
Messages
78
Hi! New to this forum, and new to forex trading. I hope I'm placing this thread in the right part of the forum.

I am trying to help a friend who has deposited money to a broker (of course without any form of due diligence...) and now wishes to withdraw that money.

However, that is declined, given reason is that all the money (deposited + bonus) now is locked from withdrawal until a certain number of lots have been traded.

Is this common practice? To me it sounds more like a online casino.

Ha anyone succeeded in withdrawing in a scenario like this?

Thanks,
This is exactly why i wouldnt touch a bonus broker, they will have term and conditions that are near on impossible to meet and you will more than likely loose your deposited money in the process of trying.
 

Painskin

Private, 1st Class
Messages
52
I've seen different systems with bonuses. For example, sometimes even if you haven't worked it out, you can still get them out, but in this case they burn. But for brokers it is not very profitable, so most often there is a system where you can't withdraw money until you make a full trade turnover of bonuses.
 

bigdolly

Sergeant Major
Messages
970
Hi! New to this forum, and new to forex trading. I hope I'm placing this thread in the right part of the forum.

I am trying to help a friend who has deposited money to a broker (of course without any form of due diligence...) and now wishes to withdraw that money.

However, that is declined, given reason is that all the money (deposited + bonus) now is locked from withdrawal until a certain number of lots have been traded.

Is this common practice? To me it sounds more like a online casino.

Ha anyone succeeded in withdrawing in a scenario like this?

Thanks,

Your friend can file complaint to the regulator which issued license to that broker. Clearly there is a cause for complaint - the broker forces client to trade what undermines the principle of free will, i.e. only a trader can decided to take risks or not to take and nobody else.
 
Top